"People always say the restaurant business is a beast — and we believe that, we aren't naive to the fact that this is all new to us — but we are genuinely thrilled that we get the opportunity to restore a Waco treasure into something new," Joanna wrote in a June update on the Magnolia Market blog. Here's everything we know about Chip and Joanna's restaurant so far (plus a first look at the inside):

Magnolia Table will open soon.

Originally, Magnolia Table was supposed to open by the end of 2017. But Joanna revealed that there were "a few setbacks along the way (as there are with every construction project)." Thankfully, they're now "on the home stretch!"

Though no exact opening date has been announced yet, Joanna teased in a January Instagram caption that Magnolia Table "is getting so close" and "will be open soon." We know one detail to look out for if you ever get a chance to go: Chip and Jo's handprints in the cement outside!

It was formerly known as the "Elite Cafe" and "The Elite Circle Grille."

Chip and Joanna changed the name to Magnolia Table, probably in part to link it with their other businesses, but also because, as Joanna explained, "We want the name of our restaurant to convey the idea that all are welcome here. Our hope is that when you step into this place, you know that everyone has a seat at our table."

But not everyone was happy about the name change.

"I understand the importance of branding as much as anybody," wrote one Waco resident on Instagram. "However, I sure do wish they could have settled on 'Chip's Elite Cafe' or something similar. They are good people with a good part but at some point you pass the point of name saturation. We are [past] that point."

Others, of course have been supportive and appreciative of the stars' efforts to preserve the property's past.

The restaurant has quite a history.

Established in 1919 by Greek brothers George and Michael Colias, the Elite Cafe was originally located downtown and had the city's first-ever air conditioner. The expansion on the "circle" (the one the Gaineses purchased) quickly became a Waco staple in the '60s and a popular pit stop for those en route to Austin from Dallas or vice versa, says WacoHistory.org. Even Elvis is said to have eaten at the Elite.

Lauren Matthews

In fact, it's been designated a historic landmark. That means any renovations must comply with the Texas Historical Commission's guidelines and honor the original character of the building. Not a problem for Jo: "We want everyone, whether you're part of the building's past or not, to walk in and instantly feel the rich history of it," she wrote. "Figuring out how to restore the building and seamlessly incorporate new and creative design elements into the mix while staying true to the original features has been one of my favorite parts of the design process."

And it was a favorite for the Gaines family.

Chip and Joanna and their four kids (Drake, Ella, Duke, and Emmie) would often enjoy Sunday brunch at the Elite Cafe—as did "nearly everyone in Waco, Texas," according to Jo. Saving the historic restaurant means that baby number five will get to experience it, too!

It's going to be gorgeous (obviously).

"The restaurant itself is literally one big giant kitchen," Chip said in an interview with Southern Living. "When we first got in there, it was all the things you can imagine—dingy, musky. But if I took you in there today, you'd be like 'Oh! This is so clean, everything smells so great.' Those are a few benefits of a little bit of elbow grease and hard work on the front end."

Chip had to get people on board with the idea.

Apparently, some people in town had their doubts about this particular fixer upper, but the HGTV stars have since proved them wrong. As Chip said to Southern Living, "Now, everybody that comes in tells me how smart I was to have bought this property. Six months ago, I wasn't getting as many encouragements."

Magnolia Table will be a breakfast joint.

Hence the sign out front which has been rotating on-theme messages including, "We'll let you know when breakfast is ready," "We go together like bacon and eggs," and "Breakfast is the most important meal of the day."

"I've always been a breakfast connoisseur," Chip told Southern Living. "I always do a heavy, bigger breakfast, but Jo is the exact opposite. She was kind enough to come with me on this one, and we are going to do up a breakfast joint here in town."

It's a dream come true for Chip.

While the bakery was more Joanna's baby, "Opening a breakfast joint has always been something that Chip's been interested in—and it's been so fun to watch how excited he has been about the entire process," she said.

There will be a "takeaway market" ...

Just in case you don't get enough of a Fixer Upper fix during your reservation, Joanna teased on Instagram Stories that there will be a takeaway market where you can grab goodies to go. Here's hoping these pumpkin chocolate chip loaves are among the offerings!

"My personal favorite thing about both the restaurant and the cookbook is the biscuits," Joanna wrote on her blog. "For the past year or so, I have spent almost every Saturday morning perfecting this biscuit recipe, and we finally have one that has the seal of approval from Chip and the kids."